PepsiCo (PEP) and Diageo (DGE) Pull Out of London’s Wireless Festival Over Kanye West

TLDR

• PepsiCo (PEP) and Diageo (DGE) both pulled their sponsorships from London’s Wireless Festival after Kanye West was announced as headliner.
• The festival had been marketed as “Pepsi Max Presents Wireless” ahead of the July event at Finsbury Park.
• West is scheduled to headline all three days of the festival, drawing criticism from UK Prime Minister Keir Starmer.
• West’s past controversies — including statements about Hitler, the Holocaust, and slavery — previously cost him deals with Adidas and Gap in 2022.
• West released his new album “Bully” on March 28 and signed a mid-to-low seven-figure deal with music company Gamma.

---

PepsiCo (PEP) and Diageo (DGE) have both pulled their sponsorships from London’s Wireless Festival following the announcement that Kanye West — now going by Ye — will headline the event.

PepsiCo, Inc., PEP

The festival, scheduled for July at Finsbury Park, had been promoted under the name “Pepsi Max Presents Wireless” in marketing materials. West is booked to perform across all three days.

Representatives for West and Wireless Festival did not respond to requests for comment.

The booking drew quick criticism in the UK. Prime Minister Keir Starmer told The Sun that the decision to hire West was “deeply concerning,” adding political pressure to what was already a commercially awkward situation for sponsors.

West’s history of controversy is well documented. Over recent years, he made statements praising Adolf Hitler, denied the Holocaust, and described slavery as a “choice.” Those remarks triggered a wave of corporate departures in 2022, with Adidas and Gap both cutting ties with the rapper.

The Adidas split left the sportswear company holding over $1 billion in unsold Yeezy footwear. The two sides eventually settled their legal dispute in 2024, with no financial payment made to West.

West’s Image Rebuild

West has been working to repair his public standing. In January, he took out a full-page ad in The Wall Street Journal — written as a letter “to those I hurt” — in which he said he was “deeply mortified” by his past actions. He attributed his behavior to bipolar disorder and said he was following a treatment plan involving medication, therapy, and lifestyle changes.

His new album “Bully” dropped on March 28, backed by a mid-to-low seven-figure deal with music company Gamma.

Despite the corporate fallout, West still commands a large audience. He has 73.5 million monthly listeners on Spotify and 19.7 million Instagram followers.

Festival’s Commercial Position

The withdrawal of two major sponsors leaves Wireless Festival in a difficult spot ahead of the summer event. The festival had built its brand partly around the PepsiCo partnership, making the high-profile exit hard to quietly absorb.

Diageo, whose portfolio includes Guinness, Johnnie Walker, and Smirnoff, confirmed its pullout later on Sunday. Neither company gave detailed reasons beyond citing concerns about the booking.

PepsiCo (PEP) stock was up 1.53% on the day. Diageo (DGE) slipped 0.25%.

The post PepsiCo (PEP) and Diageo (DGE) Pull Out of London’s Wireless Festival Over Kanye West appeared first on CoinCentral.